By Andy Bailey
Company culture is crucial. It can make or break your organization. It determines the team members you recruit and retain, the clients and customers you attract; and, ultimately, the success or failure of your business.
Companies whose culture is strategically aligned with their business goals habitually outperform their competitors. Some studies report a difference of 200 percent or more.
Here are the three P’s to designing an effective company culture:
- People: The only thing your company has that your competition doesn’t is your team. Develop a core purpose for your team members to live and work by. Your core purpose defines what you do as a company. It should be short, maybe three to five words, memorable, emotional and authentic.
At Petra Coach, our core purpose is: +10Khb – Have a positive impact on 10,000 human beings – annually!
Our core values support our purpose:
- Change behaviors
- Don’t just teach skills
- Make a difference NOW
- Leave a mark FOREVER
When your team members know and are passionate about the company’s core purpose and values, they’re dedicated to carrying out your company’s mission.
Your people affect the overall feel of your company’s culture. Hire team members who align well with your company’s core purpose and you’re on your way to establishing a strong company culture.
2. Process: Your core purpose defines why you do what you do and it governs your performance. If you want your core purpose to stick, it has to be strategically reinforced and exemplified.
I recommend routinely reinforcing your core purpose in daily meetings. These meetings should be short and to the point, with the underlying goal of focusing your team to move forward with projects that reflect your core purpose.
3. Profit: Sharing vital company information regarding profit and growth is important to maintaining a strong company culture. It creates buy-in to your mission. Create incentive by filling in your team on how profit is made. They’ll understand how they can affect the company’s bottom line, which should affect theirs.
What’s your company’s core purpose and how is it reflected in your culture? Let me know in the comment section below.
Andy Bailey built and sold a multimillion-dollar business and is now lead entrepreneur coach with business coaching firm Petra and president of Nashville’s EO chapter. Reach him at email@example.com.